Merchant Guides

Glossary of important terms

A comprehensive glossary of terminology, acronyms, and definitions for merchants.

Acquiring bank

An acquiring bank (also known as a merchant bank or acquirer) is the financial institution that maintains a merchant’s bank account. The acquiring bank passes the merchant’s transactions along to the customer’s issuing banks to get an approval on the transaction and help the merchant receive the payment. In simple terms the bank where the merchant receives money from customers is the acquiring bank.

Cardholder

A cardholder is an individual who holds a debit or credit card issued by the issuing bank. These cards are used for purchasing goods and services at the point of sale.

Issuing bank

The financial institution that issues cards to consumers. The issuing bank is also known as the credit or debit card company. In simple terms the customer’s bank that gives him the debit or credit card is the issuing bank.

Merchant

An individual or company selling goods and services to end customers.

Network

The payment processor is the entity between the issuing card brands, the acquiring bank, and the merchant or vendor. Prominent networks include Visa, Mastercard, RuPay, UCB, American Express and Diners Club.

POS Terminal or EDC Terminal

A payment terminal, also known as a point of sale (POS) terminal or electronic data capture (EDC) machine is a device through which sales payment transactions can be done.

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